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India's Foreign investment Promotion Board has approved IKEA's plan to open up to 25 wholly owned stores across the country in the next 15 or 20 years, a nod that's likely to sway the Cabinet and win the retailer the final approval it needs to move forward. "This will create confidence among global investors that India has a positive environment for investors," said Trade Minister Anand Sharma.

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On Monday, India's Foreign Investment Promotion Board will consider IKEA's $2 billion proposal to open stores there, an official said Wednesday. The board initially approved the petition in November, but IKEA objected to conditions that would have precluded it from selling its full inventory, including prepared food.

IKEA's plans to open stores in India took another step forward when a key minister indicated the Swedish furniture giant would likely win approval of its $2 billion proposal. The approval may come without conditions proposed by the Foreign Investment Promotion Board that would have limited what the retailer would be able to sell, said Trade Minister Anand Sharma.